"To reduce disparities and increase equitability, a sharia-compliant economy is the solution," Prof Dr Arfin Hamid of Hasanuddin University (Unhas) said in his address to Ramadhan Dialog held at Al Markaz Al Islami Mosque in Makassar on Friday.
He said the Islamic economic system pursues equitability and welfare, a concept that contradicts the much-practiced capitalist economic law.
The capitalist economic system pursues growth at the expense of equitability. Capitalism has caused wide economic disparities, corruption, power abuse, hedonism, individualism, a wasteful lifestyle, consumerism, and mental and psychological pressure, he said.
The Islamic economy not only deals with the Islamic bank but also encourages Muslims to become entrepreneurs. This concept has proven successful in several countries including Malaysia, he said.
"When you have money, put it in a sharia-compliant bank. Money is a medium of exchange and is not commodity," he said.
Meanwhile, Prof Basri Hasanuddin said the concept of a sharia economy in the millenial era becomes a solution after capitalism and socialism have controlled the economy in many countries.
"The world is controlled by capitalism and socialism. But in the millenial era, a sharia economy is the solution," he said.
Basri, who was former coordinating minister of people's welfare during the Abdurrahman Wahid (Gusdur) administration, said several countries including Malaysia and Britain have successfully implemented a sharia-compliant economic system.
"All countries can implement a sharia economy whether or not they are Islamic countries. Britain, particularly London, has begun adopting a sharia economy and other international economists in the rest of the western countries are studying it," he said.
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